AUD/USD Price Analysis: Aussie bulls attack 100-DMA within bullish channel

AUD/USD renews three-week high inside two-month-old ascending trend channel.
Bullish MACD signals, upbeat RSI keeps buyers hopeful of crossing 100-DMA hurdle.
Sellers remain off the table unless witnessing daily close beyond 0.6600.

Anil Panchal FXStreet

AUD/USD stays on the bids for the sixth consecutive day as it refreshes a three-week high near 0.6785 during early Monday in Europe. In doing so, the Aussie pair prods the 100-DMA hurdle inside an upward-sloping trend channel comprising multiple levels marked since March.

Given the bullish MACD signals and upbeat RSI (14) line, not overbought, the AUD/USD buyers are likely to cross the immediate hurdle surrounding 0.6790, comprising the 100-DMA.

However, likely overbought conditions around the 0.6800 round figure and the top line of the stated bullish channel, close to 0.6810 at the latest, can challenge the AUD/USD bulls afterward.

Should the Aussie pair buyers keep the reins past 0.6810, 0.6855 and 0.6900 will precede the mid-February’s peak of around 0.7030 to challenge the pair buyers.

On the contrary, the 50% Fibonacci retracement level of the pair’s run-up from October 2022 to February 2023, near 0.6660, can challenge the AUD/USD bears.

Following that, the stated channel’s bottom line of around 0.6600 and the 61.8% Fibonacci retracement level of near 0.6545, also known as the golden Fibonacci ratio, may prod the Aussie pair sellers before giving them control.

Overall, AUD/USD remains on the bull’s radar even if the upside remains long and bumpy.

AUD/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.6782
Today Daily Change	0.0033
Today Daily Change %	0.49%
Today daily open	0.6749

Trends
Daily SMA20	0.6681
Daily SMA50	0.6684
Daily SMA100	0.6788
Daily SMA200	0.6729

Levels
Previous Daily High	0.6757
Previous Daily Low	0.6689
Previous Weekly High	0.6757
Previous Weekly Low	0.6607
Previous Monthly High	0.6806
Previous Monthly Low	0.6574
Daily Fibonacci 38.2%	0.6731
Daily Fibonacci 61.8%	0.6715
Daily Pivot Point S1	0.6707
Daily Pivot Point S2	0.6664
Daily Pivot Point S3	0.6639
Daily Pivot Point R1	0.6774
Daily Pivot Point R2	0.6799
Daily Pivot Point R3	0.6842

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

USD/JPY eyes August swing low, near 155.20 ahead of US NFP

USD/JPY retests the August monthly swing low during the Asian session on Friday as a more hawkish repricing of BoJ rate-hike bets and a suspected intervention continue to underpin the Japanese Yen. Meanwhile, the US Dollar is seen consolidating the previous day's heavy losses amid soft US bond yields, further weighing on the currency pair as traders keenly await the US NFP report.

AUD/USD consolidates above 0.7200; US NFP awaited

AUD/USD holds steady above 0.7200, near its highest level since mid-May, as bulls await the US NFP report for more cues on the Fed's policy path before placing fresh bets. Meanwhile, the recent decline in US bond yields keeps the US Dollar depressed near its lowest level in over a week and acts as a tailwind for the Aussie amid the RBA's hawkish tilt.

Gold tumbles as blockbuster US NFP lift US Dollar, Treasury yields

Gold (XAU/USD) falls sharply on Friday, snapping a two-day recovery after the US Nonfarm Payrolls (NFP) report surprised strongly to the upside. The metal briefly climbed above $4,500 on Thursday, gaining nearly 2%, but has since erased a large part of that advance.

Crypto’s $638 million buyback boom may not be as bullish as it looks

Decentralized Finance (DeFi) protocols reportedly spent $638 million to buy back their native tokens in August, up 17% from a year earlier. On the surface, the buyback trend suggests the cryptocurrency industry is maturing fast, adopting one of Wall Street’s oldest tools to bolster valuations and distribute revenue. The headline becomes less impressive once the number is opened up.

Why hawkish Bank of Japan expectations aren't enough to sustain the Japanese Yen rally

The Japanese Yen (JPY) experienced a sudden burst higher after falling back below the 160.00 psychological mark against the US Dollar (USD) earlier this week amid a more hawkish repricing of Bank of Japan (BoJ) rate hike expectations.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.